The ERECT Funds are open-ended private collective investment trusts established to hold monies from union building trade pension funds, state funding sources, and corporate accounts for investing in new real estate developments in locally built, union constructed projects. PenTrust identifies and underwrites transactions for The ERECT Funds' consideration. These debt or equity investments are then monitored and serviced by PenTrust as they are approved and funded. PenTrust has served as the exclusive real estate investment advisor to the Funds since its inception in 1987.

Other PenTrust activities include the structuring of complex real estate financial transactions as an independent intermediary and the direct servicing of debt and equity transactions on behalf of other financial institutions. Many of these investments are made in projects that are funded with ERECT Fund dollars and meet their required construction building standards.

PenTrust strives to identify development opportunities at an early stage. In doing so, PenTrust can add value to the development process and guide the project through the complicated phases of financing and construction. As a result of PenTrust's early commitment and successful track record, other funding organizations are often encouraged to become involved.

Staff Bios

Staff BIOS

James E. Noland, Chairman

James E. Noland is Chairman and Owner of PenTrust Real Estate Advisory Services, Inc. Since 1987 he has been instrumental in creating the concept and philosophies of The ERECT Funds. Mr. Noland’s career began in 1969 at The Equitable Life Assurance Society in Washington, DC in the Real Estate Investment Department. He moved to Pittsburgh with Equitable in 1971 and soon accepted a position as Vice President in the Pittsburgh field office of Galbreath Mortgage Company, which later became Chemical Mortgage Company.

In 1976, Mr. Noland and his two partners founded Lane, Noland, Smith & Company, Inc., a highly respected mortgage banking entity headquartered in Pittsburgh. After 24 successful years of operation, Lane, Noland, Smith & Company was sold in 1999 to a large southeastern bank holding company. At that time, Mr. Noland became sole principal of PenTrust.

In 2006, Mr. Noland formed Development Capital Investors, Inc., a firm that was selected to invest subordinate mezzanine capital in Pennsylvania real estate projects on behalf of the Commonwealth Financing Authority. Mr. Noland has also invested privately in commercial real estate developments.

Mr. Noland’s 45+ years of experience and expertise in real estate finance have enabled him to bring a reliability and quality to PenTrust’s investment recommendations that are respected well beyond the Pittsburgh market. He looks forward to continuing to provide The ERECT Funds, developers, and investors with knowledgeable direction and advice.

Theron D. (Tad) Imbrie, Chief Executive Officer

As the Chief Executive Officer of PenTrust, Tad Imbrie is responsible for the origination and management of real estate loans and equity investments on behalf of The ERECT Funds. Tad also oversees strategic planning, portfolio management, investor relations and marketing with private and public-sector pension funds, corporations and foundations. Prior to joining PenTrust in 2003, Tad was in corporate banking for 15 years as a vice president with PNC Bank and Metropolitan Bank of Cleveland. During the course of his career, Tad has been involved in over $650 million of real estate transactions. Tad earned a BA in Economics and an MBA from the University of Pittsburgh, and served in the United States Air Force.

Denise C. McGee, Chief Financial Officer

Denise McGee is the Chief Financial Officer at PenTrust. Denise is responsible for portfolio management and loan servicing for clients such as The ERECT Funds, Strategic Investment Fund Partners, and Power of 32 Site Development Fund Partners. This includes implementing policies, procedures and internal accounting controls to achieve compliance needed to maintain high quality servicing standards to protect the loans and investments of our clients. Denise also produces the Company’s financial statements and budgeting reports while monitoring strategic goals and objectives of the organization. While responsible for the day-to-day operations of investment servicing and accounting, she also manages the functions of human resources and information technology. Denise began her career with PenTrust in 1993. She has a Bachelor of Science Degree in Business Administration from Bowling Green State University.

Tyler Noland, Chief Operating Officer

Tyler Noland is the Chief Operating Officer at PenTrust. Tyler is engaged in business development and deal origination for The ERECT Fund, and works to increase awareness among existing and new investors as to The Fund’s capabilities. Tyler’s experience encompasses the origination, underwriting, structuring and execution of debt and equity investments across the spectrum of commercial real estate. Tyler helps oversee PenTrust’s portfolio and assists in monitoring projects during the construction phase. Tyler began his career with PenTrust after graduating in 2005 with a Bachelor of Science in Business Administration from the Miami University (Ohio).

Joshua J. Lavrinc, Director of Structured Finance

As a real estate and legal professional, Joshua Lavrinc contributes a range of experience from his involvement in investment, development, lending, structured finance, brokerage, and fund management for over a decade. At PenTrust Real Estate Advisory Services, Inc., Mr. Lavrinc currently serves as the Director of Structured Finance. Mr. Lavrinc's responsibilities include the origination, negotiation, structuring, underwriting, and closing of debt and equity real estate investments on behalf of the ERECT Funds in commercial real estate projects under development in Pennsylvania, Ohio and West Virginia. Mr. Lavrinc received a B.S. in Accounting from the Pennsylvania State University, with distinction from the Schreyer Honors College. Mr. Lavrinc later received a J.D. from the University of Pennsylvania, together with a Certificate of Management and Public Policy from the Wharton School of Business for real estate studies.

JAMEY NOLAND, DIRECTOR OF UNDERWRITING

Jamey Noland is the Director of Underwriting at PenTrust. Jamey is responsible for underwriting investment opportunities and performing due diligence with a heavy focus on financial analysis, preparing project submissions and investor presentations. Jamey oversees the real estate portfolio and assists in monitoring projects during the construction phase. Jamey assists in originating new deals for The ERECT Fund, and helps to market The ERECT Fund to existing and new investors. Prior to joining PenTrust in 2017, Jamey worked in Corporate Development, Investor Relations, and Capital Markets in the energy industry. Jamey has a B.A. in Business Ethics from the University of Colorado and a Master of Science in Finance from the University of Denver.

Audrey A. Bezilla, Director of Administration

Audrey's focus is mainly in the servicing department where she monitors the real estate portfolios of loans and investments for our clients. Audrey is responsible for many tasks including billing, application of monthly mortgage payments, lender remittances, loan and property information maintenance, monitoring insurance expirations and real estate tax payments, escrow administration, and bank account reconciliations. Audrey also assists in the underwriting and loan submission process and has various duties relating to the day-to-day operations of the company. Audrey has been with PenTrust since 1997. Audrey has a Bachelor of Science in Business Administration from the University of Pittsburgh..